$20,000 Commercial Loan With Balloon Payment at 6 Years

Monthly payment and balloon payment for a 20k commercial loan after 6 years
Determine the monthly payment and balloon payment for a $20,000 loan where the loan balance is paid off after 6 years.
The amortization length is the amount of time that the payment is set to and the loan length is for the amount of time until the balloon payment is due. This is a common way that commercial and business loans are structured. Usually, the loan is refinanced when the balloon payment comes due.

For example, a 20k loan with 5% interest and amortization set to interest only would have a payment of 83/month. However, the loan the remaining balance of 20,000 would need to be paid off or refinanced after 6 years.
Payment and balloon payment chart for a 20k commercial loan with a 6 year loan term.
20k at 4% Monthly Payment Balloon Payment
10 Year Amortization2028,968
15 Year Amortization14813,399
20 Year Amortization12115,571
25 Year Amortization10616,840
30 Year Amortization9517,659
35 Year Amortization8918,222
40 Year Amortization8418,626
20k at 5% Monthly Payment Balloon Payment
10 Year Amortization2129,211
15 Year Amortization15813,732
20 Year Amortization13215,924
25 Year Amortization11717,187
30 Year Amortization10717,987
35 Year Amortization10118,525
40 Year Amortization9618,902
20k at 6% Monthly Payment Balloon Payment
10 Year Amortization2229,455
15 Year Amortization16914,058
20 Year Amortization14316,260
25 Year Amortization12917,506
30 Year Amortization12018,280
35 Year Amortization11418,787
40 Year Amortization11019,132
20k at 7% Monthly Payment Balloon Payment
10 Year Amortization2329,697
15 Year Amortization18014,374
20 Year Amortization15516,577
25 Year Amortization14117,799
30 Year Amortization13318,538
35 Year Amortization12819,010
40 Year Amortization12419,321
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